My Dear Professional Colleagues,
"All Birds find shelter during a rain. But Eagle avoids rain by flying above the Clouds." - APJ Abdul Kalam
The Institute's logo is Garuda, the Eagle and the Profession takes pride in flying beyond barriers in pursuit of Excellence, Independence & Integrity.
The reason for choice of Garuda, the Eagle, which was suggested by Shri Aurobindo to ICAI in 1949, in the ICAI Emblem lies in a strong symbolic resemblance in qualities of a Garuda and a Chartered Accountant i.e., being fearless, decisive, strong, innovative and ability to face challenges.
CA. G.P. Kapadia, the first president of ICAI in the book "History of Accountancy Profession in India" writes as under: -
"The Chartered Accountant is a person on whom every section of society could rely and rely strongly. His certificate would be one by way of a seal and a hall-mark which would at once inspire confidence in the minds of all concerned as certification by a person fully competent and holding a charter from the Supreme Legislature of the country for the purpose. In the performance of any type of duty, the Chartered Accountant would have to think not only of the interests that he is serving, but of the general interest that he is expected to serve in his relation to society. He must be above reproach, he must reflect the highest ethics of the profession, he must possess the expert knowledge which can throw light on important problems and issues and he can by his accomplishment and behaviour assume his rightful place as one who can give and provide the necessary guidance in respect of all matters relating to his specialised field of knowledge."
As a partner in Nation Building, it is very important that we contribute to the growth of the Nation and enjoy its trust. In a changing and challenging scenario our adaptability to change will certainly be tested. But over the long period of our existence, we have exhibited our ability to change with the changing times.
Since its formation on 1st July, 1949 the Institute has grown manifolds. Today it is the second largest accounting body in the world having 5 Regional Councils and 166 Branches in India. It has 44 Overseas Chapters and 33 Representative Offices. We are present in 77 cities and 48 Countries of the world. Our success is not only because of our size but because of the respect we command.
Some of the important activities and events of the Institute in the month of June are as under:
AKAM ICONIC Day
ICAI celebrated the Azadi ka Amrit Mahotsav (AKAM) Iconic day on 8th June, 2022 in which we had the honour of gracious presence of Shri Arun Singh, Hon'ble Member of Parliament as Chief Guest and Shri Rajesh Verma, IAS, Secretary, Ministry of Corporate Affairs as Guest of Honour. Both the dignitaries lauded the role of ICAI and profession in the economic growth of the country and also appreciated the various programs conducted under the AKAM celebrations. During the day various seminars took place on the themes Strengthening Funding & Financing of the Indian Entrepreneurial Ecosystem, Practical Ideas to go Green and make our Planet Sustainable, Women from Empowerment to Excellence - Contemporary Perspective, Strategies for Economic Revival. The Institute also organised CA Students National Talent Search Competition 2022 which was graced by Hon'ble Member of Parliament Shri Rahul Kaswan and Sister B. K. Shivani who spoke on Role of Youth in making India Vishwaguru Bharat.
Earlier on 7th June, the Institute participated in a AKAM programme organised by the Ministry of Corporate Affairs. We explained the activities done by ICAI as Partner in Nation Building to Hon'ble Finance Minister Smt. Nirmala Sitharaman and Hon'ble Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh.
I compliment my colleagues from Central Council, Regional Councils and Branches for their support in making the various initiatives of AKAM a grand success.
New Scheme of Education and Training
With an aim to develop the next generation of professionals, ICAI has undertaken revision of the Chartered Accountancy course to make it more aligned to the Technological changes, International Developments and National Education Policy. You must be aware that the Ministry of Corporate Affairs has accorded its in-principle approval to the Proposed Scheme of Education and Training and it has been webhosted for public comments along with detailed questionnaire seeking suggestions. We are conducting extensive webinars and outreach meetings at Regional offices and branches in order to seek the opinion of all stakeholders. Inputs from members overseas are also being sought through webinars and outreach meetings held in foreign chapters. We are receiving encouraging response to our outreach. The last date of receipt of comments is 1st July 2022.Your feedback is of immense importance.
Technical Guide on Financial Statements of Non-Corporate Entities
The Institute of Chartered Accountants of India apart from issuing Accounting Standards for Non-company entities, always takes necessary initiatives to ensure effective and consistent application of these Standards. Moving forward in the direction of further strengthening and standardising the financial reporting system of Non-company entities like sole proprietorship firms, partnership firms, limited liability partnerships, trusts, Hindu Undivided Families, Association of persons and Co-operative societies, etc., the Accounting Standards Board of the ICAI has issued a Technical Guide on Financial Statements of Non-Corporate Entities. The Institute constantly strives to augment the financial reporting framework for various entities and provide guidance to support the stakeholders.
International Day of Yoga Celebrations
With a view to promoting an enriching lifestyle, the Institute has been organizing and celebrating the International Day of Yoga since the year 2015. Taking the initiative forward, this year too, an exclusive session on "Yoga for Work Life Balance" was organised on June 21, 2022 wherein Yogrishi Swami Ramdevji virtually addressed ICAI Members & Students and guided on how Yoga can help in creating calmness; increasing body awareness; sharpening concentration and relaxing the mind. The Branches and the Regional Councils also organised programmes on Yoga for the wellbeing of the Membership.
World Congress of Accountants (WCOA) - 2022
The preparedness of the WCOA 2022 is in full swing and ICAI is geared up to make this a mega, memorable and an outstanding event. A dedicated and comprehensive website has been launched for providing access to all information and updates on WCOA 2022. Various social media handles have also been activated for the promotion of the WCOA. I urge the Membership to promote the WCOA 2022 and also attend the Congress in large numbers and grab the once in a lifetime opportunity to attend this 'Olympics of Accountants' being held in our country for the first time in more than 100 years history of the Congress.
We also extend our gratitude to the supporting international organizations namely Confederation of Asian & Pacific Accountants (CAPA), South Asian Federation of Accountants (SAFA), ASEAN Federation of Accountants (AFA), Pan African Federation of Accountants (PAFA), Accountancy Europe, Edinburgh Group, Chartered Accountants Worldwide (CAW), Fédération des Experts Comptables Méditerranéens (FCM), European Federation of Accountants and Auditors for SMEs (EFAA) and XBRL International who are working determinedly for promoting the WCOA 2022.
Mr. Scott Hanson, the Director of IFAC was present in India from 17th to 23rd June to oversee our preparations. He was very satisfied with our efforts and was extremely positive about the success of the Congress.
Expanding ICAI Network – New branches
The Council has approved setting up of two new Branches of Central India Regional Council (CIRC) at Bhagalpur (Bihar) and Hanumangarh District (Rajasthan) to further expand our national network to 166 branches. I hope that these Branches will serve the cause of the Members and Students.
Residential Meet of CA Members in Public Service
The Committee for Members in Entrepreneurship and Public Service of ICAI had organized a Residential Meet of CA Members in Public Service from 24th- 26th June 2022 at Ooty which was attended by about 52 of our Members from various public services namely; IAS, IPS, IRS, IFS, Judiciary, ITAT, NCLT, NCLAT and other Regulatory services. The Residential Meet dwelled upon the significant issues relating to the Accounting Profession such as Role of Accountants in Main Streaming Sustainability in Business; Profession for Better World: Priorities for Transforming Profession; and Trust, Transparency and Accountability & the importance of Effective Enforcement system. Suggestions made for the wellbeing of the profession will be given due importance. I thank the Members in Public Service for kindly attending the programme and showing solidarity with their alma mater.
Celebration of International MSME Day
The Institute celebrated the International MSME Day on June 27, 2022 across the country. In the main function held at Delhi, Hon'ble Minister of State of MSME Shri Bhanu Pratap Singh Verma was the Chief Guest and Secretary, Ministry of MSME, Govt. of India Shri B.B. Swain was Guest of Honour. On the occasion, the Institute launched MSME Setu Programme wherein ICAI through the Committee on MSME & Start-up will establish the linkage between ICAI & Prospective MSMEs in Aspirational Districts as a key strategy for enhancing the productivity and competitiveness as well as capacity building of MSMEs. Another initiative launched is MSME Yatra wherein in 75 days 75 programmes will be organised in various parts of the country for Capacity Building of MSMEs.
Meeting with the Leaders
I along with ICAI Vice President CA. Aniket Sunil Talati and CA. Atul Kumar Gupta, Past President, ICAI met Hon'ble Speaker of Lok Sabha Shri Om Birla and extended invitation to him to be the Chief Guest at the CA Day programme on 1st July. Discussions were also held on matters related to the profession and various ICAI initiatives.
Accompanied by ICAI Vice President CA. Aniket S. Talati, CA. Prafulla P. Chhajed, Past President, ICAI and Central Council member CA. Mangesh P. Kinare we met Hon'ble Union Ministers Shri Nitin Gadkari and Shri Piyush Goyal to discuss with them the latest developments related to profession and extend them invitation for the World Congress.
Conclusion
As we come together in jubilation to celebrate the 74th Chartered Accountants' Day, we celebrate the spirit of integrity, independence, and excellence which are the foundation of our identity. This is the occasion to celebrate our glorious journey as trustees of public interest and catalysing economic development of the country as partner in nation building. CA Day is our proud moment to celebrate our collective achievements. The commitment to professionalism, trust and ethical values shall continue as in the past. Our thoughts, ideals and action will determine our future. In the words of Swami Vivekananda "We are what our thoughts have made us; so take care about what you think. Words are secondary. Thoughts live; they travel far."
Wishing all of you a Very Happy 74th Chartered Accountants' Day.
CA. (Dr.) Debashis Mitra
President, ICAI
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